PROCEPT BioRobotics Corp (PRCT)

Price$22.76Cached quoteAs of 2026-09-06 00:28 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is offset by ongoing losses.

With 57.27 million shares outstanding, the quoted market value is about $1.17 billion. Subtracting June net cash of roughly $150 million gives an enterprise value—what buyers effectively pay for the operations—just above $1.0 billion. That equals about 2.5 times the midpoint of management’s 2026 revenue range and roughly 2.0 times implied 2027 revenue if its 25%–30% growth goal is met. That is not demanding for fast-growing robotics, but absent proven profits it offers no obvious bargain either.

Big pictureSales are rising quickly, but losses and cash use remain stubbornly high.

Revenue climbed 37% in 2025 to $308.1 million, then grew 20% during the first half of 2026. However, the first-half net loss widened to $58.5 million from $44.3 million, and operating cash outflow worsened to $57.4 million from $32.0 million. Free cash flow—cash left after running and investing in the business—was negative $63.3 million. Full-year 2025 free cash flow improved to negative $58.3 million from negative $103.6 million in 2024, but that improvement has not proved durable.

Business strengthA growing installed base supports repeat sales, though hospital equipment demand can swing.

The global installed base reached 1,036 systems, including 816 in the United States. Second-quarter U.S. procedures rose 21% to more than 13,100, while handpiece and consumable revenue rose 12% to $48.4 million. Single-use handpieces make procedure growth recurring; quarterly system sales of $29.1 million depend more on hospital capital budgets and replacements. Gross margin—the revenue remaining after product costs—reached 66%, but a $2.9 million tariff refund added about three percentage points. Utilization, not placements alone, must keep climbing.

What could change the storyFaster procedure use could unlock profits, while dilution and sales concerns threaten returns.

June net cash of $150 million and assets usable within a year of $420 million against $64 million of near-term bills give the company time to fund losses. Yet shares outstanding rose 12.8% from year-end 2023 to June 2026; stock compensation was $47.6 million in 2025 and $27.6 million during 2026’s first half, with no dividends or buybacks. The bull case needs 54,000–56,000 U.S. procedures, $390–$410 million of annual revenue, and a profitable fourth quarter on management’s measure excluding stock compensation. Further misses could mean more dilution.

AI: News

Procedure outlook reducedQuarterly sales grew, but weaker procedure expectations raised doubts about future repeat revenue.

On August 4, second-quarter revenue rose 19% to $94.5 million and U.S. procedures increased 21% to more than 13,100. Management maintained its $390–$410 million annual revenue range but reduced expected U.S. procedures to 54,000–56,000 and projected a $30–$35 million adjusted operating loss. William Blair said procedures missed its reduced estimate by 6% and downgraded the shares. A contemporaneous market report recorded a 4.5% after-hours decline, linking concern primarily to slower procedure use and wider losses.

Securities lawsuit disclosedA shareholder lawsuit challenges earlier sales disclosures, creating legal costs and a credibility risk.

A proposed securities class action was filed on July 24 against PROCEPT and certain current and former executives. The complaint alleges misleading statements concerning handpiece sales, procedure volumes, discounting and financial guidance during a period beginning in February 2024. These remain unproven allegations. Damages were unspecified, and the company said it could not estimate a potential loss and believes it has strong defenses. The case matters because trust in reported handpiece demand directly affects forecasts for recurring revenue.

Cancer studies advanceTwo prostate cancer studies advanced, creating a possible new market beyond enlarged-prostate treatment.

On May 28, PROCEPT announced that its 280-patient study comparing Aquablation with prostate removal surgery had completed enrollment. Primary results are expected at the American Urological Association meeting in spring 2027. Regulators also allowed a second randomized study of up to 333 patients comparing Aquablation with active surveillance. Positive evidence could substantially expand the platform’s future use, but this remains clinical-stage potential: the studies have not yet produced decisive results or an approved prostate-cancer indication.

Treatment guidance strengthenedStronger treatment guidance may help doctors and hospitals adopt Aquablation more confidently.

On May 14, PROCEPT reported that updated American Urological Association guidance strengthened Aquablation from an optional treatment to one clinicians should offer for eligible men with prostate volumes of 30–80 milliliters. The guidance also recognized possible use for larger prostates of 80–150 milliliters. This could reduce adoption resistance and support procedure growth across the installed system base. The financial benefit remains an inference, however; guidelines do not ensure hospital purchases, physician training or patient demand.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$308.1M	$224.5M	$136.2M	$75.0M	$34.5M	$7.7M
Gross profit	$196.2M	$137.1M	$71.0M	$37.1M	$15.9M	−$1.3M
Gross margin	63.70%	61.07%	52.17%	49.44%	46.02%	−16.26%
Research & development	$71.3M	$62.3M	$48.4M	$29.0M	$19.0M	$16.3M
Operating expenses	$300.1M	$233.7M	$180.2M	$117.8M	$70.0M	$46.5M
Operating income	−$103.9M	−$96.6M	−$109.2M	−$80.7M	−$54.2M	−$47.8M
Operating margin	−33.71%	−43.04%	−80.16%	−107.61%	−157.12%	−619.44%
EBITDA	−$97.5M	−$91.4M	−$105.4M	−$77.9M	−$50.8M	−$44.9M
EBITDA margin	−31.64%	−40.70%	−77.36%	−103.82%	−147.48%	−582.38%
Net income	−$95.6M	−$91.4M	−$105.9M	−$87.2M	−$59.9M	−$53.0M
Net profit margin	−31.02%	−40.72%	−77.76%	−116.18%	−173.62%	−687.04%
Basic EPSper basic share	-$1.72	-$1.75	-$2.24	-$1.96	-$3.63	-$14.47
Diluted EPSper diluted share	-$1.72	-$1.75	-$2.24	-$1.96	-$3.63	-$14.47

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.51%of listed shares

BlackRock, Inc.4.87M shares · Jun 30, 2026

View holders

Top 20 reported holders of PRCT
Holder	% owned
BlackRock, Inc.	8.51%4.87M shares
T. Rowe Price Investment Management, Inc.	5.70%3.27M shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	4.93%2.82M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.41%2.53M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.30%2.46M shares
Chicago Capital, LLC	3.62%2.07M shares
STATE STREET CORP	2.83%1.62M shares
GEODE CAPITAL MANAGEMENT, LLC	2.59%1.48M shares
FMR LLC	2.52%1.44M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.33%1.33M shares
WELLINGTON MANAGEMENT GROUP LLP	2.23%1.27M shares
FEDERATED HERMES, INC.	2.19%1.25M shares
Jupiter Topco LLC	1.93%1.1M shares
FRONTIER CAPITAL MANAGEMENT CO LLC	1.91%1.09M shares
Soleus Capital Management, L.P.	1.75%1M shares
Champlain Investment Partners, LLC	1.71%981.38K shares
BAILLIE GIFFORD & CO	1.59%911.75K shares
MOLL FREDERIC H	≈1.51%866.47K shares
Fiera Capital Corp	1.35%774.57K shares
LMR Partners LLP	1.26%721.61K shares

Percentages use 57.25M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$11.27M disclosed value

Sells (SEC code S)103$82.98M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 8, 2026Form 4	Nouri AlalehEVP, CLO, CORP. SEC.	SellCommon Stock	285	$28.48	$8.1K	105.1K
Jun 8, 2026Form 4	Waters KevinEVP, CFO	SellCommon Stock	357	$28.48	$10.2K	151.2K
Jun 8, 2026Form 4	Templin Barry LEVP, Chief Technology Officer	SellCommon Stock	358	$28.48	$10.2K	69.0K
Mar 19, 2026Form 4 · 10b5-1	Nouri AlalehEVP, CLO, CORP. SEC.	SellCommon Stock	2.3K	$26.15	$61.0K	105.4K
Mar 19, 2026Form 4 · 10b5-1	Nouri AlalehEVP, CLO, CORP. SEC.	SellCommon Stock	3.0K	$25.82	$78.3K	107.7K